EUR/USD Long At 1.1600
MyFXspot research | May 30, 2018 07:06AM ET
Political developments in Italy continue to weigh on EUR/USD, but investors may turn their focus to Eurozone inflation data. Our economists estimate a strong rebound in Eurozone HICP, which should support EUR recovery in the near term.
The Bank of Canada is likely to keep rates on hold today. We think that any upward moves should be used as fresh opportunities to get USD/CAD short.
This is how MyFXspot.com trades today:
EUR/USD
Trading strategy: Long
Open: 1.1600
Target: 1.1780
Stop-loss: 1.1510
Recommended size: 1.67 mini lots per $10,000 in your account
Short analysis: We expect strong rebound in Eurozone inflation tomorrow. Today's recovery may signal a stronger upward move in the near term. We opened long at 1.1600, target 1.1780.
GBP/USD
Trading strategy: Await signal
Open: -
Target: -
Stop-loss: -
Recommended size: -
Short analysis: The GBP/USD failed to break below 1.3209 support level and we see a recovery action today. Signals are mixed and we stay sideways.
USD/JPY
Trading strategy: Short
Open: 109.50
Target: 107.90
Stop-loss: 109.40 (lowered from 110.30)
Recommended size: 2.50 mini lots per $10,000 in your account
Short analysis: The USD/JPY broke blow 108.96 support yesterday but we do not see a continuation of bearish move today. We have locked in small profit on our short position at 109.40.
USD/CAD
Trading strategy: Sell
Open: 1.3080
Target: -
Stop-loss: 1.3210
Recommended size: 1.50 mini lots per $10,000 in your account
Short analysis: The Bank of Canada is expected to hold their benchmark overnight rate steady at 1.25% today, choosing to wait until July, at the earliest, to begin tightening again. We think that any upward move should be used as a fresh opportunity to get USD/CAD short. We have placed a sell order at 1.3080.
AUD/USD
Trading strategy: Long
Open: 0.7555
Target: 0.7800
Stop-loss: 0.7420
Recommended size: 1.48 mini lots per $10,000 in your account
Short analysis: The AUD/USD rebounded from the near-term trendline, which keeps our bullish strategy in play.
EUR/GBP
Trading strategy: Long
Open: 0.8780
Target: 0.8960
Stop-loss: 0.8690
Recommended size: 1.22 mini lots per $10,000 in your account
Short analysis: Our long position remains under pressure, but today's recovery gives us some hope. A close above 0.8730/35 would be a good sign.
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